Proposed Lysterfield townhouse site passed in for huge sum

A NINE-LOT Lysterfield block, touted as a potential 60-townhouse site, has passed in for $25 million at auction.

Biggin & Scott Knox agent Emily Grainger said the vendors of the eight houses and one block of vacant land at 1-8 Moonlight Drive and 26 Rathgar Rd were now negotiating with a couple of developers after the auction last Saturday.

“We are confident of getting a sale and the listing had generated plenty of interest from both local and overseas buyers,” Ms Grainger added.

It was an unconventional style of auction, with only registered bidders allowed to attend.

One of the eight large homes that was part of the sale.

It was held on-site on one of the properties in the court and closed to the public.

It is understood the vendors had requested the auction be restricted to only genuine bidders and Ms Grainger said there were several bidders.

A crowd of onlookers was kept back and not able to attend the auction.

A recently built house on the site.

It is not known if the $25 million figure was a bid from a potential buyer or a vendor. Agency director Adam Flynn could not be reached for comment.

The auction had been postponed from October 7 to October 21 due to Section 32 documents not being ready on time.

A Knox real estate agent said such multi-vendor listings with a huge eight-figure price were difficult to undertake due to the documentation required and agreement of all vendors for a sale.

The indicative selling price was $2-$2.2 million for one property, not the combined nine lots. The block was expected to sell for up to $20 million.

The listing had seen many nearby residents raise concerns about traffic congestion and other issues from higher-density development.

Disclaimer: The information published in this section is of a
general nature only and does not consider your personal objectives, financial
situation or particular needs. Where indicated, third parties have written and
supplied the content and we are not responsible for it. We make no warranty as
to the accuracy, completeness or reliability of the information, nor do we
accept any liability or responsibility arising in any way from omissions or
errors contained in the content. We do not recommend sponsored lenders or loan
products and we cannot introduce you to sponsored lenders. We strongly
recommend that you obtain independent advice before you act on the content.